What documents and information you'll bring to the bank
Most banks need the same core set of documents before they'll open a business account. You'll bring proof of who you are, proof of what your business is, and proof that you're authorized to open an account on behalf of the business. The exact documents vary slightly by bank and by what type of business you have, but the pattern is consistent.
Start with your personal identification. Bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank needs to verify you are who you say you are. If you're opening the account in person, they'll look at the ID and make a copy. If you're doing it online or by mail, you may need to upload a photo of both sides.
Next, bring proof that your business exists. What counts as proof depends on your business structure. If you're a sole proprietor (you own the business by yourself with no formal registration), you may only need a business license from your city or county. If you're an LLC, S-corp, or C-corp, you'll need your Articles of Organization or Articles of Incorporation — the document you filed with your state when you registered the business. If you're a partnership, bring the partnership agreement.
Key Takeaways
- You'll need a government-issued photo ID, your business registration documents (such as Articles of Incorporation or a business license), and an Employer Identification Number (EIN) from the IRS, which you can get for free online.
- If you're a sole proprietor, you may be able to use your Social Security number instead of an EIN, but most banks prefer an EIN because it separates your personal and business finances.
- Bring your business address, expected monthly deposit amounts, and the names and ownership percentages of anyone who owns more than 20 percent of the business.
- Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the bank and account type.
- The whole process typically takes 15 minutes to an hour in person, or one to three business days if you're doing it online.
Your Employer Identification Number (EIN) and when you need it
An Employer Identification Number, or EIN, is a nine-digit number the IRS assigns to your business. It works like a Social Security number, but for your business instead of you as a person. Most banks will ask for it when you open an account.
You can get an EIN for free from the IRS website (irs.gov). You fill out Form SS-4, and the IRS issues a number when ready if you explore online. You don't have to be hiring employees to get an EIN — you can get one as a sole proprietor with no staff. Many sole proprietors get an EIN anyway because it keeps their personal and business finances completely separate, which makes taxes and accounting simpler.
If you're a sole proprietor and don't have an EIN yet, some banks will let you use your Social Security number instead. However, this mixes your personal and business finances in the bank's system, which can create confusion later. It's worth getting the EIN first — it takes 10 minutes online and costs nothing.
Information about your business the bank will ask for
Beyond documents, the bank needs to understand what your business does and how much money moves through it. They'll ask for your business address, your business phone number, and a description of what you do — for example, "consulting services" or "retail clothing sales." This helps them set up the account correctly and flag any unusual activity later.
They'll also ask how much money you expect to deposit each month and how many checks you expect to write. These numbers help the bank decide which account type fits you best and whether you need any special features. If you're just starting out and don't know yet, give your best estimate — you can change it later.
If your business has multiple owners, the bank needs to know who they are and what percentage each person owns. If anyone owns more than 20 percent of the business, bring their name, address, date of birth, and Social Security number or EIN. The bank uses this to verify that all owners are real people and to meet federal anti-money-laundering rules.
Minimum deposits and account fees
Some banks require you to deposit money when you open the account. This is called a minimum opening deposit. The amount varies widely — some banks have no minimum, while others require $25, $100, or more. The bank will tell you the minimum before you complete the opening process, so you won't be surprised.
Ask about monthly fees as well. Many business checking accounts charge a monthly maintenance fee, though some waive it if you keep a certain balance or set up direct deposit. Some accounts charge per check or per transaction. Understanding the fee structure before you open the account helps you pick one that matches how you'll actually use it.
Opening the account in person versus online
You can open a business account either by visiting a bank branch in person or by doing it entirely online. In-person opening takes about 15 minutes to an hour. You bring your documents, a banker reviews them, answers your questions, and the account is usually ready to use the same day or the next business day.
Online opening is faster to start — you can begin the process from home — but it usually takes longer to complete. You'll upload photos of your documents, answer questions in an online form, and then wait for the bank to verify everything. This typically takes one to three business days. Some banks also require a video call where you show your ID to a banker on camera.
If you're not sure which documents you need or whether your business structure qualifies, calling the bank ahead of time saves a trip. Most banks have a business account specialist who can tell you exactly what to bring.
What happens after you open the account
Once the account is open, the bank will give you a routing number and account number. You'll use these to set up direct deposit, pay bills online, and receive payments from customers. If you ordered checks, they'll arrive in the mail within one to two weeks.
You may also get a debit card for the business account, though not all business accounts include one. Ask whether the card is included and whether there's a fee to use it. Some banks charge a monthly fee for a business debit card, while others include it free.
Keep your account documents in a safe place. You'll need the routing and account numbers for tax filings, loan applications, and vendor payments. If you ever need to prove the account exists — for a loan, a lease, or a vendor — the bank can issue a letter on official letterhead.
Frequently Asked Questions
Can I open a business account if I'm a sole proprietor with no employees?
Yes. You don't need employees to have a business account. Sole proprietors open business accounts all the time. You'll need a business license from your city or county, your Social Security number or EIN, and a government-issued ID. Some banks may ask for a business plan or tax return if you're brand new, but most will open an account based on your license and ID alone.
Do I need an EIN if I'm a sole proprietor?
You don't legally need one, but most banks prefer it. An EIN is free and takes 10 minutes to get online from the IRS. It separates your personal and business finances completely, which makes accounting and taxes much simpler. If you plan to hire employees later, you'll need an EIN anyway, so getting it now saves a step.
What if I don't have a physical business address yet?
You can use your home address as your business address. If you want a separate mailing address but don't have an office, some banks accept a UPS Store or mailbox rental address. Call the bank first to confirm they accept it — policies vary. You'll need some address on file before you open the account.
How long does it take to get the account set up and ready to use?
In person, usually the same day or next business day. Online, typically one to three business days for the bank to verify your documents. Once the account is open, you can start using it when ready, though checks and debit cards may take one to two weeks to arrive in the mail.
What if the bank rejects my process?
Banks rarely reject applications outright, but they may ask for additional documents or information. Common reasons include unclear business registration documents, a mismatch between your ID and the documents you brought, or a flag in a background check. If the bank asks for more information, provide it as quickly as you can. If they do decline, ask why — you may be able to fix the issue and try another bank.